Inflation in Singapore
Singapore - Inflation
Inflation ticks up in February, but core inflation falls
Consumer prices increased 0.5% over the previous month in February, contrasting the 0.3% decline recorded in January. According to data released by Statistics Singapore, the rise was primarily caused by higher prices for housing and utilities; and recreation and culture.
Inflation accelerated to 0.5% in February, up from January’s 0.4% and in line with market analysts’ expectations. Meanwhile, annual average inflation was unchanged at 0.5% in February.
In contrast, the Monetary Authority of Singapore’s (MAS) core inflation measure, which omits the costs of accommodation and private road transport, fell to 1.5% in February from 1.7% in January. The reading marked a nine-month low and also fell below market analysts’ expectations of 1.7%.
Commenting on February’s inflation report, Khoon Goh, an economist at ANZ, noted:
“The lower than expected MAS Core Inflation print […] cements the case for a pause at the upcoming MAS April review, in our view. Alongside economic growth slowing towards trend and the US Federal Reserve signalling a pause in their hiking cycle, there is no pressing need for the MAS to further tighten policy at this stage. While a tight labour market could still see inflation pressures emerge, this is not evident, especially in the costs of services. Lower prices for electricity and gas in the coming quarter look set to keep core inflation manageable.”
In 2019, MAS expects CPI inflation to average between 0.5% and 1.5%, and core inflation to average between 1.5% and 2.5%. Met the why particular Consensus Forecast panelists, meanwhile, expect CPI inflation to average 1.0% in 2019, which is down 0.2 percentage points from the previous month’s forecast. In 2020, our panel expects average inflation of 1.4%.
Singapore - Inflation Data
|Inflation Rate (CPI, annual variation in %)||2.4||1.0||-0.5||-0.5||0.6|
5 years of economic forecasts for more than 30 economic indicators.
Singapore Inflation Chart
Source: Singapore Department of Statistics and Met the why particular calculations.
|Bond Yield||2.20||1.39 %||Jan 30|
|Exchange Rate||1.35||-0.01 %||Jan 30|
|Stock Market||3,174||0.18 %||Jan 30|
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April 17, 2019
Non-oil domestic exports (NODX) decreased by 11.7% year-on-year in March, contrasting February’s short-lived 4.8% increase (previously reported: +4.9% year-on-year).
April 12, 2019
At its first biannual meeting of 2019 held on 12 April, the Monetary Authority of Singapore (MAS) maintained the undisclosed rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band.
April 12, 2019
The economy flagged in the first quarter of the year due to a decline in the manufacturing sector, according to an advanced estimate released by the Ministry of Trade and Industry (MTI) on 12 April.
April 4, 2019
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) edged up to 50.8 points in March from 50.4 points in February, marking the first uptick since August of last year.
March 25, 2019
Consumer prices increased 0.5% over the previous month in February, contrasting the 0.3% decline recorded in January.